ME Online Savings Account

How do I apply for the ME Online Savings Account?

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking ‘go to site’.

Eligibility to apply online

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

• Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.

• Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.

• Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank’s business products and services.

Documentation you'll need when applying online

If you are eligible, gather the following documentation and click the ‘go to site’ button:

• Identifying documents. Identifying documents include your Australian driver’s licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.

• Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.

• Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.

What happens after I submit my application?

Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.

• 
  I used to have this kind of account before but closed it. If I open a new one, do I qualify for the bonus interest rate?
  
  
  
  
  
  

  Yes, if you meet the account conditions.

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  I am not a ME customer. If I open a transaction account and an online savings account, do I need to make regular deposits or withdrawals from the transaction account (eg, use the account other than transfers in)? I’m just looking for the best interest. Are there any hidden fees or penalties?
  
  
  
  
  
  

  You need to meet the purchase conditions to qualify for the bonus rate. 

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  I have current accounts with ME. Why can’t I get the interest?
  
  
  
  
  
  

  Unfortunately, the offer is available only for new ME members. Please note that other conditions apply.

• 
  If I open a working account and then a high interest account, can I roll the high interest account over or will I have to withdraw everything and go to another bank to continue a high yield?
  
  
  
  
  
  

  The bonus interest rate is only available for new account holders. You will continue to earn a high yield, however, you may want to consider switching to another account.

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  If I deposit money into an account for a few months, can I withdraw the money at the end of the term without any fees?
  
  
  
  
  
  

  There are no fees when withdrawing from this account.

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  Can I open an everyday transaction account at the same time I open an online savings account?
  
  
  
  
  
  

  The ME Online Savings Account and ME Everyday Transaction Accounts need to be opened in separate applications. It’s advisable that you open the ME Everyday Transaction Account first to obtain your BSB and account number, and then link it to your ME Online Savings Account during your application.

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  Does the government guarantee apply to new deposits with ME? I thought the Guarantee Scheme closed for new liabilities at the end of March 2010.
  
  
  
  
  
  

  To our knowledge, the Government Guarantee is still available for new accounts with ME. Please see the official APRA website for more information.

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  How do I deposit $250,000.00 into my ME account? Most of my other banks have limits on how much I can transfer
  
  
  
  
  
  

  You can contact your bank to request that they allow a one-time transfer of $250,000. However, this permission does depend on your bank’s policies. Alternatively, you can make multiple transfers into your ME account until you’ve transferred the full amount.

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  What is the daily maximum amount I can withdraw from my online savings account?
  
  
  
  
  
  

  There’s no maximum amount you can transfer from your ME Online Savings Account.

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  Is ME Government Guaranteed?
  
  
  
  
  
  

  Yes, it is covered by the Government Guarantee.

• 
  As a new customer, do I have to open two accounts to get interest? Can the account be in the name of a superfund (SMSF)?
  
  
  
  
  
  

  Unfortunately, the bonus interest applies to the first account you open and is for personal use only.

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  I understand that I need to have a transaction account before I can establish a high interest account. What fees, if any, apply to the transaction account?
  
  
  
  
  
  

  There is no monthly account-keeping fee and no minimum deposit required.

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  To open an ME Everyday Transaction Account, does that happen at the same application as the ME Online Savings Account? If I open an account in my name and my husband opens an account in his name, do both accounts qualify for the introductory rate? Even if both accounts are linked to the same joint everyday account?
  
  
  
  
  
  

  You can open an ME Everyday Transaction Account during your application for the Online Savings Account. Unfortunately, the rate is only available on one account: yours or a joint account holder.

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  I am trying to open a savings account. Do I need a linked account as well? If so, why?!
  
  
  
  
  
  

  Almost every savings account in the market today requires you to have a linked transaction account. This enables you to move funds in and out of your savings account. The ME Online Savings Account requires you to link it to the ME Everyday Transaction Account in order to earn extra interest. As we are not representatives of ME, we do not know why they require users to link these accounts together.

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  I am unclear of the purpose of the everyday transaction account. Since there is no minimum balance, why is it needed? And are there any fees at all for this account, other than the no monthly account-keeping fee?
  
  
  
  
  
  

  This account is required to take up the special bonus interest rate. Unfortunately, as we do not represent ME, we can’t comment on why it’s required. There are no monthly account-keeping fees, nor are there fees for the debit card, which comes with this account, or for EFTPOS purchases. ATM withdrawals are also free when using Westpac, Bank of Melbourne, St.George and BankSA ATMs. You will pay fees for making international ATM withdrawals and for making purchases overseas. For more information on the fees on this account, please check the terms and conditions.

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  I have sent you an application which you have on hold pending verification of identity. I have tried to do this online as suggested but it will not let me. Please advise.
  
  
  
  
  
  

  You’ll need to contact ME directly regarding this matter. They’ll be able to help you with this issue.

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  This account states ‘for balances up to $250,000’. Does this apply to a joint account as well or could we have a balance of up to $500,000? ($250,000 per person?) Also, if the interest earned takes the balance over the limit, do you lose the bonus interest from that moment?
  
  
  
  
  
  

  The limit of up to $250,000 applies to each account, including joint accounts. No you won’t lose the bonus interest, the interest will just be calculated up to the balance of $250,000.

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  I would like to open an online savings account and transfer about $50,000 with monthly contributions from my employer directly to this account. Is this possible?
  
  
  
  
  
  

  You can transfer funds into this account through the linked account you’re required to have. This can be set up to make regular payments into your savings account. For more information about how you might do this, please contact the institution your linked bank account is with.

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  Why is the ME Everyday Transaction Account required for the savings account?
  
  
  
  
  
  

  The ME Everyday Transaction Account is an account which can be linked to the ME Online Savings Account. It offers a range of features and benefits which you can read more about here.

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  Is this for new account applicants only? What about those existing account customers?
  
  
  
  
  
  

  Anyone who satisfies the eligibility criteria can apply for this account, regardless of whether they’re a new or existing customer. However, the bonus rate isn’t available if you or a joint account holder has previously held an ME Online Savings Account.

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  Is the interest paid monthly?
  
  
  
  
  
  

  Interest is calculated daily and paid monthly.

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  Why do I need to link the ME Online Savings Account to an ME Everyday Transaction Account?
  
  
  
  
  
  

  For direct product enquiries, please contact the customer service team at ME.

• 
  It says, no interest rate penalties for withdrawals, does this mean even if I withdraw during that month, I can still get interest for that month? Do you have a mobile app which I can use to manage the account and money easily?
  
  
  
  
  
  

  If you withdraw funds, you’ll still receive the maximum variable rate if you link this account with the ME Everyday Transaction Account. ME does have a mobile app that allows you log into Internet banking and to find your nearest ATM.

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  How do I open an online account with a cheque? Or would I need to transfer funds from an existing account? I understand I would first need to open an ME Online Savings Account before transferring the savings into a high-earning interest account
  
  
  
  
  
  

  You can deposit cash or cheques at any Australia Post displaying the Bank@Post™ symbol. All transactions made at Bank@Post will require your card and PIN.

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  How do I transfer the whole amount from my ME account to another institution? It’s $594,000 and it’s urgent that I move it.
  
  
  
  
  
  

  This will depend on the institution you’re moving funds to. In some cases, your new institution will be able to authorise a direct debit to move funds from your old account to the new one. Alternatively, you might also be able to conduct a regular transfer from your ME account. If you’re daily transfer limit is smaller than the amount you’re transferring, you might be able to request a temporary limit increase.

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  Could you tell me if the interest on the online saver account is calculated daily?
  
  
  
  
  
  

  This account calculates interest daily and pays monthly.

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  Will you consider $550K for a Super Account?
  
  
  
  
  
  

  Unfortunately, the ME Online Savings Account is designed for personal use only. ME has a separate range of products for SMSFs and investments available on their website.

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  Are funds insured?
  
  
  
  
  
  

  Yes, funds are covered by the Government Guarantee up to $250,000 per person, per institution.

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  Can this account be opened as a self-managed superannuation fund account?
  
  
  
  
  
  

  Unfortunately, this account is intended for personal use only. ME does have a business account which can be used for SMSFs called the Business Investment Account.

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  Hi, can I make weekly/fortnightly deposits to my online savings account (that will be linked to my everyday transaction account) and still earn the interest?
  
  
  
  
  
  

  This account is a regular savings account, so you can make deposits at any time.

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  Is there an annual fee attached to this online savings account?
  
  
  
  
  
  

  There are no annual or monthly fees for this account.

• 
  Please tell me where the nearest ME branch is. I am in Campbelltown Adelaide.
  
  
  
  
  
  

  ME is an online bank and has no physical branches. You can use Australia Post offices displaying the Bank@Post symbol to make some transactions, and you can use ATMs from ME, Westpac, St.George and BankSA.

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  When applying for the online savings account, how do you apply for the ME transaction account at the same time, as it states you have to have a ME transaction account?
  
  
  
  
  
  

  You’ll need to apply for a ME Everyday Transaction Account first, before applying for the ME Online Savings Account.

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  Where is the nearest bank to: (a). Riverwood (b). Thornleigh
  
  
  
  
  
  

  ME no longer runs any physical branches. Their services are now offered online or via telephone.

• 
  Can you please explain the purpose of having the savings account linked to an everyday account? Can that be a Commonwealth account? Does it have to have a certain amount of money in it? And can I close this savings account at the end without any issues?
  
  
  
  
  
  

  This account and other savings accounts require a linked everyday account to give you the ability to move money in and out of your savings account. This is because most online savings accounts don’t allow ATM access or the ability to pay anyone directly from the savings account. The everyday account doesn’t have to have a certain amount of money in it, but remember that to earn the bonus interest on this account you must link it to an ME Everyday Transaction Account. You can close this account at the end without any issues.

• 
  I’m going to get my pay deposited into the ME Everyday Transaction Account. My work presently uses Westpac. My pay goes in within a few hours of the Pay Office processing the pay. What sort of transfer times does ME have with interbank transfers and salaries?
  
  
  
  
  
  

  Generally speaking, if the funds are paid before 5:30 - 6:00pm, they’re usually credited the next business day. If they’re paid after 6:00pm, they’re usually credited on the business day after this.

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  I am looking at getting a secure savings account and I see you have to have an accessible account linked to it. Are there any fees with that account? And is my money safe from thieves when using an online account?
  
  
  
  
  
  

  There are no monthly account-keeping fees, EFTPOS fees, or fees for the Debit Mastercard which comes with the ME Everyday Transaction Account. There are fees for using this card overseas, for getting a chequebook and other less common transactions, so be sure to check our site regularly for up-to-date information. In terms of security, this account benefits from Mastercard’s Zero Liability protection, which means you won’t be held accountable for fraudulent or unauthorised transactions if you follow the conditions of use. The linked debit card also comes with a security chip for added peace of mind.

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  Does the everyday transaction account linked to the ME Online Savings Account need to be a Me account or can it be any other banking institution account, CBA, Nab etc.
  
  
  
  
  
  

  Your linked account can be a non-ME bank account, as long as they’re both in the same name.

• 
  Could you please explain a bit more about the introductory period? Does that mean I get paid interest during the introductory period?
  
  
  
  
  
  

  This is correct. You’ll earn the maximum variable rate pictured in the table above if you’re eligible for the bonus rate. Once the introductory period is over, your balance will earn interest at the standard variable rate pictured above. Keep in mind that bonus interest is only paid on balances up to $250,000.

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  Do I need to make a deposit every month to get the bonus interest rate? Can I withdraw money during a month and still get the bonus rate?
  
  
  
  
  
  

  There are no minimum deposits or withdrawal penalties for this account.

• 
  My partner and I would like to set up a joint account, I’m an Australian citizen; however, my partner isn’t: 1. Are we able to set up a joint ME account? 2. If so, is he able to convert Euros to Australian dollars when depositing money into our account?
  
  
  
  
  
  

  This account can be opened as a joint account, but unfortunately all applicants for this account must be Australian citizens or permanent residents.

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  So, in other words, although I’m a permanent Australian resident but my partner isn’t, we cannot open an account? If this is the case, do all of the other banking institutions have the same rule?
  
  
  
  
  
  

  Yes, this is correct. Unfortunately, most institutions will have similar rules regarding these accounts. Some banks such as ANZ and CBA will allow people from overseas to open an account in Australia and require them to identify themselves upon coming to Australia, so you might want to enquire with them.

• 
  Can a ME Everyday Transaction Account be linked to an ANZ account because all my payments are done from the ANZ account. That's what I was doing when having money with RaboDirect, ING Direct or Bankwest.
  
  
  
  
  
  

  The ME Everyday Transaction Account isn’t required to be linked to any everyday transaction account. The ME Online Savings Account does require an everyday transaction account to be linked to it. Any ANZ account which is classified as an everyday account is eligible.

• 
  I would like to open a HISA and I am still looking for the best option. What are the best benefits with ME and how quickly can I open an account?
  
  
  
  
  
  

  The biggest benefit of the ME Online Savings Account is the fact that you’ll earn the bonus rate of interest (if you’re eligible) without having to make a minimum deposit each month or regardless of whether you make withdrawals. This isn’t the case with many other accounts. It also doesn’t have account-keeping fees. It will take up to three business days to open your account after ME receives your application form.

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  Do you negotiate term deposit rates for large amounts?
  
  
  
  
  
  

  You may wish to speak to ME directly regarding this. We’re a financial comparison service, so are unable to negotiate rates. Generally speaking, banks can be negotiated with, so it’s a good idea to speak to them.